Swedish betting firm Cherry AB announced their latest financial report, noting that their revenues surged by 49% during the period.
Key financial indicators reported were:
- Consolidated revenues up 49% to $351.42 million
- Organic revenue growth 41%
- EBITDA margin of 25%
The report is the less formal than the official report, which is released at certain intervals throughout the year. The company's CEO Gunnar Lind spoke about the results, noting: "Cherry's development in 2018 can be summarized with one word: excellent. On almost all measurements, our operations delivered in line with our expectations. Financially, we have performed well with total growth of 44 percent, and full-year revenue amounting to [$3.51.42 million] with an EBITDA margin of 25 percent."
"For a significant part of the year, we worked to prepare for the re-regulation of the Swedish gaming market. We were involved right from the inquiry phase prior to the legislation being drafted and have participated in issues on which we have specialist knowledge on an ongoing basis. We are satisfied with the framework, which should contribute to a high level of channelisation, which is important for the long-term perspective that our market needs to be able to develop in a way that assures all stakeholders the security they need.
"It is reasonable that gaming companies be taxed and, to some extent, controlled when it comes to marketing, but the legislators must be aware that this is an industry in which customers are aware of their options and can therefore quickly shift their preferences. This can result in tax revenue and preventive actions from game addiction being lost. The more laws there are and the more detailed the regulations, the greater the risk that companies position themselves outside the licensing system, with the effect that everyone loses."